Economy

  • US sales of new homes rose 3.3 percent in April
    Untitled 2012-05-23 19:00:26 UTC
    WASHINGTON (AP) — Americans bought more new homes last month, the latest evidence that the U.S. housing market could be starting to recover. New-home sales increased 3.3 percent in April from March to a seasonally adjusted annual rate of 343,000, the Commerce Department said Wednesday. Sales r...

  • SAP to buy Ariba for $4.5B, extending cloud push
    Sap 2012-05-23 04:56:06 UTC
    NEW YORK (AP) — Business software maker SAP AG on Tuesday said it will buy Ariba Inc., which makes Web-based software that connects suppliers and buyers online, for about $4.51 billion. The deal continues Germany-based SAP's rivalry with database maker Oracle Corp. Both companies are buying up...

  • Regulators probe bank's role in Facebook IPO
    Facebook-ipo-stocks-001-640x480 2012-05-23 04:41:24 UTC
    WASHINGTON (AP) — Regulators are examining whether Morgan Stanley, the investment bank that shepherded Facebook through its highly publicized stock offering last week, selectively informed clients of an analyst's negative report about the company before the stock started trading. Rick Ketchum,...

  • Market breaks losing streak, with China's help
    11058327-large 2012-05-22 00:53:56 UTC
    NEW YORK (AP) — Forget Facebook. This is still Apple's stock market. Apple — the world's most valuable company — climbed nearly 6 percent on Monday, helping propel major U.S. stock indexes to gains after a week of losses. The Standard & Poor's 500, where Apple accounts for 4 percent of the ind...

  • Stock market breaks losing streak; Facebook falls
    Wall-street 2012-05-21 19:41:01 UTC
    NEW YORK (AP) — After three weeks of dumping stocks, investors finally found something to be hopeful about. Major U.S. indexes climbed Monday after falling every day last week. Investors latched on to weekend statements from China's Premier Wen Jiabao, who promised to boost the country's consu...

  • Yahoo to sell half of its Alibaba stake for $7.1B
    21jackma-tmagarticle 2012-05-21 19:34:19 UTC
    HONG KONG (AP) — Struggling Internet company Yahoo Inc. has secured a lifeline after agreeing to sell half of its prized stake in Chinese e-commerce group Alibaba for about $7.1 billion, with most of the cash going to shareholders. The deal, announced Sunday in the U.S., calls for Alibaba Grou...

  • Where are Facebook's friends? Stock down after IPO
    0521-mark-zuckerberg-facebook-1 2012-05-21 18:53:35 UTC
    NEW YORK (AP) — Facebook's stock is tumbling well below its $38 IPO price in the social network's second day of trading as a public company on Monday. By early afternoon, the stock was at $34.04, down 11 percent from Friday's closing price of $38.23. Investors and technology industry watche...

  • APNewsBreak: 22 states join campaign finance fight
    649613a57d699d0c0e0f6a706700aae3 2012-05-20 23:08:59 UTC
    HELENA, Mont. (AP) — Twenty-two states and the District of Columbia are backing Montana in its fight to prevent the U.S. Supreme Court's 2010 Citizens United decision from being used to strike down state laws restricting corporate campaign spending. The states led by New York are asking the hi...

  • Europe faces difficult search for growth
    Cam_2217277b 2012-05-20 22:58:23 UTC
    WASHINGTON (AP) — On paper at least, European leaders agree: They need stronger growth measures to help their economies expand out of their 2½-year-old government debt crisis. Figuring out exactly what those new steps might be will be the hard part. Under urging from U.S. President Barack Obam...

  • Stocks fall on Europe worries; Facebook debuts
    La-facebook-stock-stumbles-in-big-public-debut-001 2012-05-19 17:46:14 UTC
    It's going to take more than Facebook's initial public offering to push the stock market higher. Facebook shares rose 23 cents above their $38 offering price. It seemed like everything else fell. The Dow Jones industrial average has been in a slump over the past two weeks as traders saw an ...

  • Electric car network gets first test in Israel
    Electric_cars_t653 2012-05-19 17:41:56 UTC
    ROSH HAAYIN, Israel (AP) — Israeli entrepreneur Shai Agassi has begun rolling out the world's first nationwide electric car network. Now, will the drivers come? After more than $400 million in outlays and months behind schedule, dozens of electric cars have hit the road in Israel, the test sit...

  • Fire risk prompts recall of nearly 87,000 Jeeps
    S-jeep-wranglers-recalled-chrysler-large 2012-05-19 17:35:23 UTC
    DETROIT (AP) — Chrysler is recalling nearly 87,000 Jeep Wranglers in the U.S., Canada and elsewhere due to a risk of fires. The recall affects only Wranglers from the 2010 model year that have automatic transmissions and were built before July 14, 2010, the National Highway Traffic Safety Admi...

  • Google gets China OK for Motorola deal
    Google-motorola-deal 2012-05-19 17:33:51 UTC
    NEW YORK (AP) — Google says authorities in China have approved its acquisition of Motorola Mobility. This brings the Internet search giant closer to completing its biggest deal ever. Google Inc. is buying the mobile phone maker for $12.5 billion. The deal was announced last August and had rece...

  • Greek politics, Spain banks test eurozone survival
    Images 2012-05-18 17:50:09 UTC
    MADRID (AP) — Chaos in Greek politics and Spanish banking combined this week to underscore just how fragile Europe's economy remains after an eviscerating austerity regime that has spawned unemployment, desperation and misery. And there is no respite in sight, as Germany's finance minister predic...

  • Wal-Mart's 1Q profit up 10.1 percent
    Wal-mart's_1q_profit_up_10.1_percent 2012-05-17 22:13:33 UTC
    NEW YORK (AP) — Wal-Mart may have gotten its groove back, but an alleged bribery scheme threatens to curtail its progress. As Wal-Mart reported first-quarter profit on Thursday that beat Wall Street estimates, the world's largest retailer also disclosed that it is expanding an internal probe i...

  • Oil hovers below $93 after sharp 2-week sell-off
    6638166.bin 2012-05-18 05:41:51 UTC
    SINGAPORE (AP) — Oil prices hovered below $93 a barrel Friday in Asia, pausing after the latest twists in Europe's debt crisis triggered a sharp two-week selloff. Benchmark oil for June delivery was up 4 cents to $92.60 a barrel at midday Singapore time in electronic trading on the New York Me...

  • Oil rises above $93 as traders mull Europe turmoil
    Untitled 2012-05-17 03:53:39 UTC
    SINGAPORE (AP) — Oil prices hovered near $93 a barrel Thursday in Asia as traders mulled whether concern over Europe's debt crisis justifies extending a sharp sell-off during the last two weeks. Benchmark oil for June delivery was up 26 cents to $93.07 a barrel at late morning Singapore time i...

  • Companies ask: Does advertising on Facebook pay?
    Untitled 2012-05-17 01:43:33 UTC
    NEW YORK (AP) — Responding to extraordinary demand, Facebook said Wednesday that it would sell more stock in the company's initial public offering. But ahead of the IPO, a debate emerged between two of the nation's largest automakers: Does it pay to advertise on the social network? General Mot...

  • Price of oil still falling as supplies grow
    11031058-large 2012-05-16 23:48:33 UTC
    NEW YORK (AP) — The price of oil continues to decline on the expectation that world markets will be flush with extra supplies this year. Benchmark U.S. crude on Wednesday fell by $1.17 to finish at a seven-month low of $92.81 per barrel in New York. Oil is down nearly 13 percent since the begi...

  • Asia stocks fall amid political turmoil in Greece
    Untitled 2012-05-16 03:59:34 UTC
    BANGKOK (AP) — Asian stocks fell Wednesday after a failure by Greece's political leaders to form a coalition government set the stage for new elections next month, keeping Europe's debt crisis centerstage. Japan's Nikkei 225 index dropped 0.8 percent to 8,831.04 as investors remained focused o...

  • Ellen DeGeneres wins top US humor prize in DC
    Bildschirmfoto_2012-05-15_um_22.23.27 2012-05-16 03:47:24 UTC
    WASHINGTON (AP) -- Ellen DeGeneres, who broke ground in 1997 as the first lead character on prime-time TV to reveal she was gay, is winning the nation's top humor prize. The Kennedy Center for the Performing Arts announced Tuesday that DeGeneres will receive the 15th annual Mark Twain Prize fo...

  • Eurozone avoids recession as Germany powers ahead
    Germany_powers 2012-05-15 20:16:51 UTC
    FRANKFURT (AP) — Germany prevented the economy of the 17 countries that use the euro from falling into a recession in the first quarter of the year despite a raging debt crisis that's raising the specter of the breakup of the currency union. The country, which accounts for over a quarter of ec...

  • US stocks waver; euro dives on Greece turmoil
    Us_stocks_waver__euro_dives_on_greece_turmoil 2012-05-15 20:13:23 UTC
    Stronger news about the U.S. economy stilled the ripples from Europe's latest political impasse Tuesday, pushing U.S. stocks between modest gains and losses. The euro and European stocks plunged as trading in New York began after efforts to form a government in Greece collapsed. Newly-elected ...

  • Dimon survives votes on pay, chairmanship
    Dc039cd8065944d4813a78259b111c63-e5ed10e8efc14bf9b56a670fc4d2452e-3 2012-05-15 19:45:05 UTC
    TAMPA, Fla. (AP) — The CEO of JPMorgan Chase survived a shareholder push Tuesday to strip him of the title of chairman of the board, five days after he disclosed a $2 billion trading loss by the bank. CEO Jamie Dimon also won a shareholder endorsement of his pay package from last year, which t...

  • Euro minsters plead with Greece to stay the course
    Eu's_juncker_on_brexit_talks_-_we_have_made_the_breakthrough_we_needed 2012-05-14 19:28:05 UTC
    BRUSSELS (AP) — Leading European Union finance officials have pleaded with Greece not to renege on its bailout terms and to stay the course of its painful austerity program to prevent even worse economic hardship. Greeks fed up with the painful austerity measures gave support to anti-bailout p...